CAKART provides India's top CA Final faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get CA Final video classes from CAKART.in. Quality is much better than local tuition, so results are much better.

CAKART provides India's top CA Final faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get CA Final video classes from CAKART.in. Quality is much better than local tuition, so results are much better.

explain Income under income tax act india

1. Profits and gains
2. Dividend
3. Voluntary contributions received by a trust
4. Perquisites in the hands of employee
5. Any special allowance or benefit
6. City compensatory allowance/dearness allowance
7. Any benefit or perquisite to a director
8. Any benefit or perquisite to a representative assessee
9. Any sum chargeable under section 28,41 and 59
10. Capital gains

CAKART provides Indias top faculty each subject video classes and lectures – online & in Pen Drive/ DVD – at very cost effective rates. Get video classes from CAKART.in. Quality is much better than local tuition, so results are much better.

**INCOME UNDER INCOME TAX ACT INDIA**
Income –
As generally understood – income is a periodical monetary return with some sort of regularity. It may be
recurring in nature. It may be broadly defined as the true increase in the amount of wealth, which comes to a
person during a fixed period of time.
Extended meaning given under section 2(24) – Under section 2(24), the term ‘’income” specifically includes
the following :
1. Profits and gains
2. Dividend
3. Voluntary contributions received by a trust
4. Perquisites in the hands of employee
5. Any special allowance or benefit
6. City compensatory allowance/dearness allowance
7. Any benefit or perquisite to a director
8. Any benefit or perquisite to a representative assessee
9. Any sum chargeable under section 28,41 and 59
10. Capital gains
11. Insurance profit
12. Banking income of co-operative society
13. Winnings from lottery
14. Employees contribution towards provident fund
15. Amount received under keyman insurance policy
16. Amount exceeding Rs.50,000 by way of gift received by an individual or a Hindu undivided family
Thanks